Tariff threats to exit the stage are essentially a "cooling down of political games," rather than a comprehensive positive signal.

Trump's cancellation of the EU tariff threat has indeed alleviated market concerns about escalating trade tensions between Europe and the US in the short term, and risk asset sentiment has significantly recovered. However, it is important to remain calm: this does not mean that trade relations have fully turned friendly, but rather a temporary political de-escalation. Under the constraints of election cycles, inflation pressures, and domestic industry battles, tough tariffs are not the optimal solution at this moment.

From a macro perspective, the signal sent by this move is: the US currently needs a more stable external environment to hedge against internal economic uncertainties. The "softening" towards Europe is aimed at maintaining financial market stability, continuing the dollar system, and superficially repairing allied relations. Therefore, its impact on the market leans more towards a decline in risk premiums rather than a substantial improvement in economic fundamentals.

For investors, this policy change fosters positive sentiment, but it does not mean one can blindly chase the rally. What truly warrants attention is whether more explicit trade agreements, industrial subsidies, or tariff structure adjustments will follow. Without substantial supporting measures, the market is more likely to experience a "sentiment-driven rebound" rather than a trend reversal.